SAVINGS BANK ACCOUNTS (Instructions relating to the formalities to be observed for opening of an account, operations in an account and other

matters relating to maintenance, common for savings accounts have been given in the master circular on General Instructions- Deposit Constituents accounts) The additional guidelines relating to Savings Bank accounts are provided in this annexure. The guidelines contained herein must be read together with the guidelines in master circular on General instructions relating to deposit constituents accounts. 1. Savings Bank account is a form of demand deposit account, opened mainly for the purpose of saving and not for any business purpose, subject to restrictions on the number of withdrawals during any specified period. Number of withdrawals in a savings bank account permitted is fifty per half year in a financial year. For accounts opened in the middle of the half year permissible withdrawals will be calculated prorata. If the numbers of withdrawals exceed the permitted limit, a service charge as advised from time to time will be levied. 2. OPENING OF ACCOUNTS 2.1. SAVINGS BANK ACCOUNTS MAY BE OPENED IN THE NAMES OF Individualssingle accounts, or joint accounts of two or more individuals. minors by themselves or on behalf of the minors by their guardians Following entities a. Primary Co-operative Credit Society which is being financed by the bank. b. Khadi and Village Industries Board c. Agriculture Produce Market Committee d. Societies registered under Societies Registration Act, 1860 or any other corresponding Law in force in the state or Union Territory. e. Companies Governed by the Companies Act 1956 which have been licensed by the Central Government under section 25 of the Act, or under the corresponding provisions in the Indian Companies Act 1913 and permitted, not to add to their names the word "Limited or the words "Private Limited" f. Institutions other than those mentioned in para (2.1.) above and whose entire income is exempt from payment of income tax under Income Tax Act, 1961.

g. Government departments/bodies/agencies in respect of grants/subsidies released for implementation of various programmes/schemes sponsored by Central Government/State Governments subject to production of an authorisation from the respective Central/State Government departments to open savings bank account. h. Development of women and children in rural areas (DWCRA). i. Self-help Groups (SHGs) registered or unregistered, which are engaged in promoting savings habits among their members.

j. Farmers' Clubs - Vikas Volunteer Vahini. (V V V)

:2: 2.1.1 Branches shall not open Savings Bank account in the name of the following: a. Any trading or business concern, whether such concern is proprietorship, partnership, company or association.

b. Government departments/bodies depending upon budgetary allocations for performance of their functions. c. Municipal Corporations/Committees d. Panchayat Samities e. State Housing Boards f. Industrial Development Authorities

g. State Electricity Boards h. Water / Sewerage / Drainage Boards i. j. State Text Book publishing corporations / societies Metropolitan Development Authorities

k. State / District level housing Co-operative Societies. l. Other banks including Regional Rural Banks, Co-operative Banks and land Development Banks.

m. Political parties 2.2. Any other institution permitted by Reserve Bank of India from time to time, can be allowed to open Savings Bank Accounts. 2.3. If the branch is approached by any other institution not covered under 2.1 above, and which are specifically charged with the task of rendering social or economic assistance to, or welfare of, the weaker and under-privileged sections of the society, the branch shall, for opening savings bank accounts for them, make a formal application through their Regional office, to the Regional Office of the Department of Banking Operations and Development, Reserve Bank of India within whose jurisdiction the Registered Office of the beneficiary organization is situated. The branch shall furnish full particulars of the institution, including copies of the Memorandum and Articles of Association, bye-laws, nature of activities, published accounts, such as balance sheet, profit and loss account or income and expenditure statements, the manner of distribution of surplus funds etc., to enable the Reserve Bank of India to decide whether specific exemption can be granted in its favour or not. The branch can open such accounts as savings account only after specific permission is received from Reserve Bank of India. 2.4. Acceptance of Interest free deposits in Savings Bank is prohibited irrespective of caste, creed or religion of the depositor. 2.5. Branches are permitted to open Savings Bank accounts for the following special categories of depositors, subject to the guidelines contained in the relevant paragraphs in the master circular on General Instructions on Deposit Constituents accounts, also for operations thereon . a) Minors represented by guardians b) Minors above age ten

:3: c) d) e) f) Blind persons Illiterates Purdhanashin ladies Trusts.

2.6. First Line Managers may permit depositors to have more than one Savings Bank Account in their own names or jointly with other persons or as guardians on behalf of minors. 2.7 Introduction of Accounts Where the applicant for a SB Account submits sufficient proof of identity and address as prescribed in KYC-AML Policy of our bank and the branch is with the bonafides of the applicant and as a respectable person, with such proof of identity and address, branch may open the account without insisting on an introduction by an existing account holder. However a Letter of Thanks to the depositor should be sent as envisaged in the master circular on General Instructions on Deposit Constituents Accounts. Branch should be in a position to classify such account holders under Low risk-RIP I under KYC Norms / AML Standards. With the exception of the above, and No frills Accounts all other Accounts should be introduced as guided in the master circular on General Instructions on Deposit Constituents Accounts. 3. MAINTENANCE OF ACCOUNTS Guidelines in respect of obtaining the appropriate account opening form, specimen signature sheets and their maintenance and the method of opening the accounts are provided in master circular on General Instructions on Deposit Constituents accounts In addition branches should follow the guidelines contained in the following paragraphs. 3.1. Application to open a Savings Bank Account should be made on TYPE OF ACCOUNT SAVINGS BANK 1. Savings Bank Account Opening Form 2. Savings Bank Account Opening Form for Minors Accounts operated by a (a) Guardian (b) (c) (d) (e) Societies, Clubs etc. Non Residents in the form of Non Resident (External) Accounts Trusts Accounts under Capital Accounts Scheme, 1988 Gains FORM NO 10 ( revised & 303X for HUF Accounts

10 A
511 523

551 FORM A

Central office is in the process of revising the account opening forms, when advised so branches should obtain the new application forms. 3.2. On receipt of the account opening form and specimen signature sheet duly filled in, along with the KYC CROP form and documentary evidence there on for customer

:4: acceptance Policy and Customer Identification Procedure, the opening of the account must be authorised by the Branch Manager or by the department officer as authorized by the Branch Manager. Such authorisation will be made after interviewing the applicant and verifying the particulars furnished. In case the department officer had authorised the opening of the account, at the end of the day the Branch Manager should approve of the same. The account can then be opened in the computer system, with the operator inputting the details in the master and the supervising staff approving the same. In the computer system, next serial number as generated by the System or a Fancy number as requested by the customer can be allotted. The Customer ID and the account number should be entered on the account opening form, specimen Signature sheets and KYC- Crop form. The account opening details then should be entered in the Savings Bank account opened and closed register (format given below). The account number should also be entered in the pay in slip and also advised to the customer. The entries made in the register should be verified and initialed by the Officer of the department. Whenever there is an inadequacy in the Account Opening Form or Specimen Signature sheets, the clerical staff (operator) must assist the departmental officer in arranging to rectify the inadequacies without loss of time. The clerical staff (operator) must make a note of such inadequacies in the remarks column of the Account Opened and Closed Register. The Register should be put up to the Branch Manager every day for his counter initials. The Manager/Deputy Manager/Department Officer must also regularly examine such remarks to ensure that steps are initiated to eliminate the inadequacies observed at the earliest. The first line Manager or the authorized officer should go through the KYC Crop form and categorise the applicant on risk as Low Risk- RIP one , Medium risk RIP 2, High Risk RIP 3 , Exceptionally High risk RIP 4 and enter the Risk Level threshold limit applicable to the account in the KYC form & the account opening form . Branch should also enter the same in computer system. Branches should bear in mind that transactions in the accounts of Medium , High Risk and Exceptionally High risk category accounts need close monitoring as per KYC Norms / AML Standards. REGISTER OF ACCOUNTS OPENED AND CLOSED
DATE NAME OF THE CONSTITUENT NUMBER OF A/C OPENED NUMBER OF A/c CLOSED REASONS FOR CLOSING TOTAL NUMBER OF A/Cs. INITIALS REMARKS @

@ In the remarks column, details like Transferred from ___________ branch can be recorded where the account has been transferred from another branch. 2.5. For all the above accounts, excepting Minors Special Savings accounts, branches should obtain the nomination as per procedure and record in the computer system. For the procedure on nominations branches are to refer to the master circular on Nominations and claim settlements and Book of Instructions.

:5: 3.6. M I N I M U M B A L A N C E Category

AND CHARGES FOR NON MAINTENANCE OF MINIMUM B ALA NCES

With cheque facility Semi urban Rs. 500/-

Without facility Rs. 100/-

cheque

Penalty for non maintenance Rs.7 per month

Rural & branches

Other branches Pensioners SB account

Rs.1000/Rs.250/-

Rs.500/Rs.5/-

Rs.14 per month As above based on the category

3.6.1. In case of default in maintaining minimum balance, branch should initiate the following action: (a) the Account need not be closed for want of minimum balance. (b) Cheques should not be returned if sufficient funds are available for passing a cheque, even though the balance goes below the minimum required. The condition of the account should be brought to the notice of the customer in writing, which should be of persuasive nature. (c) Branch should send letters to the customers stressing the need for maintaining minimum balance.

(d) After issuing a Registered Notice, Branch should stop issuing cheque books to the customers if the balance goes below the minimum required six times in a quarter. (e) Branches should charge penalty for default in maintaining minimum balance required for Savings Bank Accounts, as above Branches should note that no overdraft should be created by debiting the penalty amount. If there is insufficient balance, proper record of such accounts should be maintained and the penalty debited or recovered as and when there is sufficient balance. Branches should display the minimum balance requirements and charges there on in the branch notice board prominently. Along with Account opening form branches should obtain ATM application form and Application form for E- see banking ( internet banking ) and load the details in the computer system as prescribed by IT dept. This would enable our customers use the ATM and also that of other banks at various locations across the Country. Branches should also explain the advantages of net banking to the customer. Branches also can obtain the request from customers for availing the mobile phone alerts and then feed the mobile number in the appropriate module in the computer system. These facilities are available only for networked branches. 3.8. The passbook should be branded with the rubber stamp reading NOMINATION REGISTERED. The details of the nominee should also be entered in the computer master through appropriate programme. 3.9. The pass book should be handed over to the depositor after the amount of initial deposit has been credited to the account and entered in the pass book under the initials of the officer-in-charge of the department/a Supervising Official after he/she verifies the correctness of the entry in the pass book with that in the computer page. 3.10. Branches should also cross sell our IOB-Jeevan group insurance policy and IOB Healthcare plus to the new customers highlighting to them that these products are

:6: for their welfare. Branches should also get a request letter from the customers for debiting the lowest insurance premium of Rs.10/- in the account to cover accident insurance for one year. Branches should note that these are value additions to our existing customers as well as prospective customers. 3.11 Initial remittance

As a measure of abundant precaution, it is better to open an account with an initial cash remittance. However, there is no bar for opening accounts with the proceeds of bank drafts payable to the applicant to the account or his self cheque on another bank provided the introduction is acceptable. In the case of salary accounts, branches may even consider opening the account with zero balance. 4.1. PRECAUTIONS IN THE OPERATIONS OF NEWLY OPENED ACCOUNTS Branches should refer to the master circular on general instructions relating to deposit constituents accounts on the precautions in the operations of newly opened accounts. To facilitate this, the computer system will flash the warning New account up to six months to invite the attention of the operators and the supervising staff whenever they do a posting or passing in the relevant accounts. 4.2. OPERATIONS IN THE ACCOUNTS Branches should refer to the master circular on general instructions for detailed guidelines on the operations in the accounts. 4.2.1. Subsequent to opening the account a depositor may remit any amount in his account. All deposits to Savings Bank Account should be accompanied by pay-inslips. Separate pay-in-slips should be used for cash and cheques. All Cash Deposits in Savings Accounts of Rs.50,000/= and above will require the account holder furnishing the Income-tax PAN or declaration in Form 60 or 61 as the case may be. 4.2.2. Cheques, drafts, dividend warrants and other instruments should be accepted for credit of savings bank accounts only if they are drawn payable to the depositor. 4.2.3. However, branches may accept interest warrants issued in the name of the first purchaser of Public Sector bonds and endorsed in the name of the second purchaser, and presented for collection by the second purchaser for collection in his/her/their savings bank accounts. For this purpose, branches should brand the respective savings bank Challans accompanying the interest warrants, with a rubber stamp containing the following declaration : I/WE, DECLARE THAT I/WE, AM/ARE, THE HOLDER-IN-DUE COURSE AND FOR VALUE WITHIN MENTIONED INTEREST WARRANTS TENDERED TO YOU FOR COLLECTION The branch should invariably ensure that such declaration is signed by the depositor before accepting the interest warrants for collection in Savings Bank accounts. 4.2.4. Withdrawals are permitted either by cheques issued to the customers or by withdrawal forms provided by the bank. 4.2.5. Branches should educate the Savings Bank customers to avail of the Teller service, wherever provided, for payment of Savings Bank cheques/ withdrawal slips, for amounts not exceeding Rupees Fifteen thousand only. Savings Bank Customers may also be permitted to avail of the Teller facility for remitting cash not exceeding

:7: Rupees Fifteen thousand only per day per account for deposit into their Savings Bank accounts. 4.2.6 Branches should encourage savings bank customers to avail Visa Debit card cum ATM card, so as to reduce the pressure on counters within the bank. This is also a selling point for the branches to canvass more and more salary accounts of companies. 4.2.7. Branch supervising staff, as allocated by the Branch Manager should check the supplementary output every day as detailed in the master circular on general instructions. In a computerized environment, supplementary checking is akin to ledger checking and such checking alone will bring out any unauthorized postings or will enable the branch to know on the transactions carried out by a FBS facilitator branch. 5. ACCOUNTING FOR WRONG ENTRIES Whenever a customers account has been wrongly credited with the amount meant for another customers account, or a customers account debited with a debit voucher intended for another customers account, the wrong credit or debit must be reversed immediately upon finding out the error, and both customers advised immediately. Where the recovery of a wrong credit or effect of a debit which was omitted to be debited earlier results in an overdraft in an account, the customer must be informed immediately by a letter as per format provided in the master circular on general instructions be sent by Registered Post with acknowledgement due and the adjustment of the overdraft must be pursued expeditiously. 6. CUSTODY OF WITHDRAWAL FORMS 6.1. When a customer comes to the Bank for making a withdrawal, the Savings Bank counter clerk (operator) may hand over a withdrawal slip to the customer for his immediate use from the stock kept on the counter top for the ready use of customers. Additional withdrawal slips not exceeding ten leaves at a time may be given to such of those customers who do not have cheque books, for the purpose of drawing cash through third parties. In such a case the savings bank clerk(operator) should note the account number in all the withdrawal slips before parting with the same. 7. PAYMENT OF WITHDRAWAL FORMS 7.1. Withdrawal slips, as a general rule, should not be paid unless accompanied by passbook. Withdrawal slips have been printed with the following clause pass book must accompany this order form. Insistence of pass book while withdrawal slips are presented over the counter for payment will serve as a definite check against funds being withdrawn by unauthorised persons. The concerned member of staff (passing supervising staff) will be personally liable for any loss that may be incurred on account of their negligence in not insisting upon the pass book. Where withdrawal slips are presented without production of the pass book, the Manager/Senior Manager/Deputy Manager or the supervising official in charge of the department may authorise the payment provided they are thoroughly satisfied that such withdrawal slips are presented by the account holder himself or some one whose identity is well known to them. 7.2. Payment out of Savings Bank account to third parties through withdrawal slips may be allowed up to a maximum amount of Rupees One thousand only per instrument. For this purpose withdrawal slips have been printed with the following clause: Payment to other than the account holders, restricted to Rupees One thousand only.

:8: 8. RECEIPT, CUSTODY AND ISSUE OF CHEQUE BOOKS Issue and custody of Savings Bank cheques should be on the guidelines as detailed in the master circular on general instructions. In terms of guidelines from IBA adopted by our Bank, branch should adhere to the following instructions whenever a customer requests for more than one cheque book at a time: (i) Branches should avoid issue of more than one cheque book at a time to Savings Bank customers. (ii) In the case of Savings Bank customers needing excessive number of cheques to be drawn, branches should persuade them to open Current Accounts. (iii) However if the branch is convinced about the genuineness of the customers request for more than one cheque book at a time, a report with specific recommendation should be submitted to Regional Office for approval. Regional Office shall consider such Reports on the merits of each case and accord permission or decline the request without loss of time. (iv) Branches are advised to educate the constituents in this regard and guard against any complaint. 9. PAYMENT OF CHEQUES Detailed guidelines have been given in the master circular on General instructions on the payment of cheques. cash- transfer- inward clearing. Branches are to refer to the same. 10. PASS BOOKS AND CONFIRMATION OF BALANCES The entries in a pass book duly initialed by the ledger-keeper (operator) must be authenticated with the initials of the Supervising Official only after he/she has verified them with the corresponding entries in the ledger report display in the computer system and verifying the relative vouchers of the day in respect of unchecked entries. Computer generated Statement of Accounts issued to the customers should be signed by Authorised supervising staff after affixing branch rubber stamp. Branches are to refer to the master circular on general instructions on the issue of Passbook, issue of duplicate passbook and custody of passbooks until making up the entries on the same. Confirmation of balances in Form F.237A should be obtained as on the last day of September every year wherever, the accounts show a debit balance, 11.HANDLING OF STOP PAYMENT INSTRUCTIONS Branches should adhere to guidelines instructions 12. STANDING INSTRUCTIONS Savings Bank customers may give standing instructions to the branch for making remittances of funds periodically from their accounts. Branches should be guided by the guidelines given in master circular on general instructions for acceptance, recording and carrying out the Standing Instructions. Branches should note that prompt execution of standing instructions will enhance customer satisfaction and also a sensitive area for complaints. contained in the master circular on general

:9: 13. INTEREST INTEREST CALCULATION, MONTHLY PROVISION AND PAYMENT OF

13.1. Interest at the rates specified by Reserve Bank of India from time to time shall be paid on the balances in Savings Bank Accounts. 13.2. Interest on Savings Bank accounts is payable half yearly. 13.3. For the purpose of providing monthly interest on Savings Balances branches should calculate interest on the aggregate balance arrived at as under: General Ledger Balance as on the 10th of each month Rs...............

LESS Total of withdrawals (debits) from 11th to the Rs............... last day of the month Reminder on which monthly interest will be calculated Rs...............

The interest so calculated should be debited to Branch Profit and Loss Account Interest Paid on Deposits Account and credited to Interest Accrued Account. 13.4. Actual interest on individual savings bank accounts should be calculated for the six months period viz.(i) from First day of February to the last day of July and (ii) from First day of August to end of January. 13.5. The interest on individual accounts should be credited to the respective accounts during the first week of August for the six months ending 31st July and during the first week of February for the six months ending 31st January. 13.6. For the purpose of calculation of interest, the lowest clear balance at credit in an account between the tenth day and the last day of each month is computed as products by the system. At the end of each half year, the monthly products is totaled and divided by six to arrive at the average monthly balance in the account. Interest should be calculated on the average balance at the prevalent rate of interest for savings bank accounts. 13.7. No interest should be paid unless the interest accrued during the half year amounts to atleast Rupee One. 13.8. A supervising official should check in the interest calculations by the computer system random. From the interest posted printout he should also ensure that all the accounts have been credited with interest except as contained in para 13.7. The total interest paid on all accounts will be listed and debited to Interest Accrued Account. While providing the interest as calculated by the computer system , the branch should ensure that the outstanding in Interest Accrued account contains only the current month provision. As the system is programmed to do the vouching for the current month provision, branches need to check up that at a particular month the interest provision is properly held, by taking average balance of GL and working out for the number of months the provision is held in Interest accrued account. 13.9. At the time of closure of account, interest should be applied by debit to Interest Accrued Account and the ultimate balance paid to the depositor against his cheque or withdrawal form in the usual manner. 13.10. In the case of accounts opened after tenth day of a month, interest will be payable only from the subsequent month.

:10: 14. BALANCING OF LEDGERS 14.1. Branches to ensure that at the time of day end, the master balance and GL balances agree. If the same does not agree and shows a difference, branches should note down both the balances and the difference and take up with their RCC / I T dept , Central office through the complaints procedure and rectify the same. OVERDRAFTS IN SAVINGS BANK ACCOUNTS

15.

15.1. Though savings bank accounts are primarily meant for promoting savings, branches may face situations where cheques issued by otherwise regular savings bank customers being presented without adequate balance. In order to accommodate such customers in exceptional cases branches may permit limited temporary overdrafts in savings bank accounts subject to the stipulations prescribed by Central Office from time to time. 15.2. branches should strictly adhere to the following stipulations whenever such a need arises. Any overdraft can be granted only against the specific written request of the customer and with suitable documentation (DPN, F.16 & Credit cum opinion sheet by the Manager ). a) The customer must be having a satisfactorily maintained Savings Bank Account with the branch for not less than six months. b) He/She must be a confirmed employee in a Government / Semi-Government / Quasi Government department or Organisation/Public Sector or Private Sector Organisation of repute. c) He / She should have a stable income with reasonable prospects of its continuance in the near future. d) Members of the staff and their close relatives (Father, Mother, Brother, Sister, Children and In-laws) are not eligible for this facility. e) The salary of the customer must preferably be routed through his/her savings bank account with the branch. f) The amount of overdraft should not exceed one months net salary as credited to the customers account with the branch or the discretionary power of the branch for granting temporary overdrafts, whichever is less. g) The overdraft must be adjusted within one month from the date of its availment. h) If the customer desires to have the overdraft facility on a regular basis, he/she must be advised to open a Current Account and a temporary Overdraft facility may be considered as per the existing rules and procedures. i) Interest should be charged at the rate applicable for temporary overdrafts and recovered at the end of the month. j) Each debit which creates or acts to increase an overdraft must be referred to the Branch Manager in the Cheques Referred Register. The overdraft can be given only when authorised by the Branch Manager or in his absence by the second line Manager.. k) Immediately on the occurrence of an overdraft, the branch should write to the customer, advising him/her about the same and request him/her to adjust the same at the earliest. A model letter is appended below.

:11:

INDIAN OVERSEAS BANK

PLACE DATE

................................. Branch

To ____________________________ ____________________________ ____________________________ Dear Sir/Madam, OVERDRAFT IN YOUR SAVINGS BANK ACCOUNT NO ___________________ We have today paid your cheque No__________ dated________ favouring __________________ for Rs._____________ (Rupees__________________________ only), thereby resulting in your account being overdrawn to the extent of Rs._______ (Rupees_____________________________ only) Kindly acknowledge and provide funds to clear the overdraft at an early date. Thanking and assuring you of our best services at all times, Yours faithfully,

Manager/Chief Manager ********************************************************************** 15.3. Balancing and Accounting of Overdrafts in Savings Bank The balance in the overdrawn accounts must be extracted in the Temporary Overdraft report everyday and checked by the supervising official in charge of the Savings Bank department and placed before the Deputy Manager and the Branch Manager for information and confirmation. The overdraft in Savings Bank should be incorporated in the General Ledger under Overdraft in Savings Bank - Code No. 4123 on the Asset side. 15.4 REPORTING OF OVERDRAFTS IN SAVINGS BANK ACCOUNTS Overdrafts granted in Savings Bank accounts must be reported individually on a monthly basis in CAF-3 under Personal Overdraft Scheme. Accounts not adjusted and outstanding beyond sixty days from the date of granting should be treated as irregular and reported to Regional Office in ERI. Overdrafts under personal overdraft scheme should not be extended at the extension counters 16. Value additions (concessions) in savings accounts Savings Bank Accounts where an average quarterly balance of Rs. Ten thousand only and above was continuously maintained during the previous quarter are eligible for the following concessions in the current quarter.

:12: Concessions a. Inland Demand Drafts and/or Mail Transfers for two occasions in a month for a total amount of DD and /or MT put together not exceeding Rs.10,000/= are totally exempted from Exchange / Commission charges. b. Collection charges would not be levied on outstation instruments such as Cheques, Demand Drafts, Dividend Warrant, Interest Warrant, Refund Order etc., (excluding Documentary / Clean Bills, Hundies, Supply Bills). The total amount of instruments collected during a month for which no service charges are recovered should not exceed Rs.10,000/=. However there is no restriction on the number of instruments collected per month. The actual postal charges incurred for collecting the instruments would be collected from the depositor. If the instruments are requested to be sent to our STAR Centres (speed collection) then usual service charges would be levied. 17. DORMANT/IN-OPERATIVE ACCOUNTS AND UNCLAIMED BALANCES Branches are to refer to master circular on General instructions 18. UNDESIRABLE ACCOUNTS Branches are to refer to master circular on General Instructions . 19. TRANSFER/CLOSURE OF ACCOUNTS Branches should be guided by the guidelines contained in master circular on General instructions on Deposit constituents accounts for transfer of accounts from one branch to another of our Bank and closure of accounts. 19.1. In the case of Savings Bank Accounts, interest up to the end of the previous month should be calculated and credited to the Account by the transferor branch. For the current month, if the account is transferred after tenth day of the month, the lowest balance in the Account during the month of transfer should be mentioned separately in the Transfer Form (Form 577) itself, to enable the transferee branch to provide interest to the transferred Account for the month of transfer. 19.2 Similarly interest should be calculated and credited to the account before closure of the account. 20. NO Frills Accounts

20.1. No Frills accounts are part of RBIs efforts to bring in to the banking fold, the financially or socially disadvantaged persons through financial inclusion. The bank has introduced a simplified account opening form for such accounts. Criteria for such accounts is listed below Sl. no 1 2 Features Description

Type of account and GL code Branches where account can be opened Who can open the account

NO Frills S B Account. G L code 1212 All Rural, Semi Urban, Metropolitan branches. Urban and

Individuals including minor who have completed 10 years of age and pensioners. Joint accounts are permitted. Introduction from an account holder who has been subjected to full KYC procedures. The Introducers account with the bank should be atleast 6 months old and should have

Introduction for opening the account

satisfactory operations. Alternatively Branch can accept certificate from VAO / Voter Identity card / Ration Card / Driving licence / PAN Card ( if available ) / Passport ( if available) as a proof of identity and address and open the account on the strength of it. 5 6 Minimum balance Penalty for non maintenance of Minimum balance Withdrawals in the account Rs. Five. NIL

Only by withdrawal slips. Cheque book will not be issued. of 25 transactions per half year ending March and September No interest is payable

Restriction of transactions

number

Penalty for exceeding number of transactions Restriction transaction on amount

the

10

of

10.a In order to enjoy No Frills status , the balance in the account should not exceed Rs.50000/- at any point of time or Total credit in the account should not exceed Rs.100,000/- in the financial year. 10.b. When either of the limits stipulated as above is exceeded, the No Frills status of that particular account should be withdrawn. Instead such account should be treated as regular S B account which entails application of full KYC Procedures put in place by our bank. 10. c. In the case of ( b) above, branch should allow further operation only after completion of application of full KYC procedures. 10. d . It is the responsibility of the branch to closely monitor the operation in No Frills SB accounts and identify those accounts which reached a balance of Rs.40,000/- or total credit of Rs.100,000/- from time to time and prepare for the application of full KYC procedures in co-ordination with the account holder.

11

Interest payable

Interest rate applicable to regular SB accounts and method of calculation is the same . ( presently 3.5% p.a )

12

Value addition / Concession

12.i. When the quarterly average balance of Rs.10000/- and above was continuously maintained during the previous quarter. a. Inland Demand Drafts and / or mail transfers for two occasions in a month for a total amount of DD and / or MT put together not exceeding Rs.10000/- are totally exempted from exchange / commission charges b. Collection charges would not be levied on outstation instruments such as cheques, demand drafts, dividend warrant, interest warrant, refund order etc., (excluding Documentary / clean bills , hundies, supply bills) . The total amount of instruments collected during a month for which no service charges are recovered should not exceed Rs.10000/-. However there is no restriction on the number of instruments collected per month. The actual postal charges incurred for collecting the instruments would be collected. If the instruments are required to be sent to our STAR centres ( speed collection ) then usual service charges would be levied. 12. 2. No other value additions are allowed in the account. 12.3 ATM cards are not be issued 12.4 Collection of instruments and issue of DD / MT should be levied with regular service charges (Other than those mentioned in 12.1 )

20.2 Branches are aware that the Applicants/Accountholders of No Frills SB Accounts may not be well informed / too literate to understand the nuances of banking and their plight can effectively be addressed only through personalised counselling by the operational staff. This exercise needs to be carried-on on an on-going basis by the workforce who should continue to display perseverance, patience and empathy towards the population who are yet to get access to the banking-services. 20.3. These accounts should be subjected to application of full KYC procedures as and when loans are sanctioned to the accountholders of No Frills SB accounts, other than through financial inclusion. 20.4 Photographs of the applicants affixed in the account opening form should be attested by the introducer ( if introduction is available ) The terms and conditions of the No Frills accounts should be explained to the applicants , preferably in the local Regional Language.

20.5

:15: 21. Special products : IOB- SB Silver 21.1 IOB-SB Silver and IOB-SB Gold

1. Name of the scheme : 'IOB- SB Silver' 2. Target group: Individuals including those employed in reputed companies, among

Software, Public /Private sector, Govt.

3. Type of deposits: Savings Bank account. 4. Minimum balance requirement: While opening the account, the account can be

opened with '0' balance. The account provides certain concessions and in order to be eligible for the concession, average daily balance in the account during the last three months should not be less than Rs.5, 000.
5. Special features / concessions

a. b. c. d. e. f. g. h. i. j. k. l. m. n. o. p.

ATM cards on day one International Debit Card without charges. Internet banking (E see banking). Monthly account statements over E-mail SMS alerts for daily transactions. Transfer of funds through NEFT free of cost Personal Accident insurance cover of Rs. one lakh free of cost. Anywhere Banking in CBS/TBA branches. ATM usage at any Bank free. RTGS free of charges. Online Tax payment facility. Overdraft facility up to one-month salary in case of salary earners. Utility Bill payment facility Rent/school fees/college fees/ donations/ IOB credit card bills/utility bills/ Telephone bills Facility for family Health Insurance IOB-healthcare Plus. PAN / TAN facilitation. Facility for automatic transfer of balance in SB to Term Deposit If the quarterly average balance is Rs.25000/- and above, this facility is offered. Wherein the balance exceeding Rs.35000/- will be swept out in units of Rs.2000/-and kept in TD.

21. 2 IOB-SB Gold 1. Name of the scheme: IOB- SB GOLD "

2. Target group: All individuals including professionals such as doctors, Lawyers, CA.s, Executives working in MNC, Software Companies, Public/ private sector and business people, High Net Worth individuals, CEOs, IAS and IPS. 3. Type of deposits: Savings Bank account.

:16: 4. Minimum balance requirement: The average daily balance over the last three months should not be less than Rs.50000. a. If the quarterly average balance is between Rs 50000 and less than Rs 100000, the balance exceeding Rs 65000 will be swept out and kept in TD. b. Similarly, if the quarterly average balance is Rs. 100000 and above, the balance exceeding Rs125000 will swept out and kept in TD. The customers of this category are also eligible for Online equity trading facility and Overseas Travel card free of charge. 5. Special features / concessions a. ATM cards on day one b. International Debit Card without charges. c. Internet banking (E see banking). d. Personalised Multi city cheques issued at MICR centres free. e. Monthly account statements over E-mail f. SMS alerts for daily transactions.

g. Transfer of funds through RTGS without charges. h. Transfer of funds through NEFT without charges i. Facility for automatic transfer of balance over a prescribed limit of Rs.50, 000 in SB account to term deposit account and retransfer to SB ( Liquideposit facility). j. Personalised cheque books with name printed free of cost. k. Personal Accident insurance covers of Rs. five lakhs free of cost.

l. Anywhere Banking in CBS/TBA branches. m. Preferential rate for gold coins. n. o. p. q. ATM usage at any Bank free Demat account opening charges free Online Tax payment free of charge. Online Bill payment facility Rent/school fees/college fees/ donations/ IOB credit card bills/utility bills/ Telephone bills r. Facility for family Health Insurance IOB-healthcare Plus. s. 21.3 PAN / TAN facilitation For operational convenience for providing liquideposit facility, the SB special

products are grouped in the system as below: IOB-SB Silver I : Quarterly average balance between Rs. 5000 and less than Rs.25000 are not eligible for liquideposit facility. IOB-SB Silver II : Quarterly average balance of Rs 25000 and above. If the quarterly average balance is Rs.25000/- and above, liquideposit facility is offered. Wherein the balance exceeding Rs.35000/- will be swept out in units of Rs.2000/-and kept in TD.

:17: IOB-SB Gold I : Quarterly average balance between Rs 50000 and less than Rs 100000: If the quarterly average balance is between Rs 50000 and less than Rs.100000, the balance exceeding Rs 65000 will be swept out and kept in TD. Quarterly average balance of Rs 100000 and above. If the quarterly average balance is Rs. 100000 and above, the balance exceeding Rs125000 will swept out and kept in TD. The customers of this category are also eligible for Online equity trading facility and Overseas Travel card free of charge.

IOB-SB Gold II:

21.4 Liquideposit Scheme A facility provided for special SB/CD customers. This facility combines the advantages of both SB. and Term Deposits giving liquidity as well as higher return on investment. The balances in the SB. account over a specified limit are automatically transferred to Term Deposit and back when required by the depositor. 1 Target Group All resident individuals in their individual names or joint names can open SB account. But, first named constituent alone is taken for the purpose of ascertaining the deposits, interest rate, TDS etc. Certain bodies or Organisations who are eligible for opening SB. accounts are also eligible to open this account. NRE SB is excluded from Liquideposit scheme. 2. Opening of Account Apart from fulfilling the formalities for opening SB. account, an undertaking letter agreeing to the conditions of "Liquideposit" should also be taken as per Annexure II. 3. Minimum balance in SB account Minimum balance of Rs. 25,000 is required for availing liquideposit facility. 4. Transfer to Term Deposit Account The balances in the SB. account over a threshold limit of Rs.35,000/- for SB-Silver -II, Rs 65000 for SB-Gold-I and Rs.100000 for SB-Gold-II will be transferred to Term Deposit account. The transfer is done automatically by the system. The transfer is done at the end of the business hours and, therefore, there will be only one transfer to Term Deposit in a day. 5. Period of Term Deposit The amount transferred from SB. to Term Deposit will be placed for a period of 6 months. There is no choice for the depositor to decide the period of deposit. 6. Type of Term Deposit The amount transferred from SB. to Term Deposit will be placed under Re-investment Deposit Scheme only. 7. Renewal of Term Deposit The RDP opened by transfer from SB. will be automatically renewed, on due date, for a further period of 6 months.

:18: 8. Rate of interest Balance in the SB account is eligible for SB interest in force, i.e., 3.50% p.a. The amounts placed in Term Deposits will be paid interest at the prevailing rate on the date of placement of each deposit, applicable for 6 month deposit. The present rate for a 6 month deposit is 6.00% p.a. 9. Maintenance of Term Deposit Each transfer from SB will be treated as a separate deposit and due date fixed accordingly. The deposits are to be kept in units of Rs.2,000/-. Therefore, a Rs.10,000 transfer will be kept as 5 deposits of Rs.2,000/- each. The depositor will not be given a printed deposit receipt but a statement of account will be given. 10.Withdrawal of Term Deposit If the depositor wants to withdraw money from SB either across the counter or by issuing cheques to third parties and if sufficient balance is not available in the SB account, the required number of units will be closed from the Term Deposit account and transferred to SB account to meet the withdrawal. The last transfer made to Term Deposit will be closed first under Last In First Out (LIFO) method. Interest will be paid on completed months only. 11.Premature Closure of Term Deposit In case there is a necessity to close the deposits before the maturity date, the interest on the deposits will be paid in terms of the extant guidelines on premature closure of term deposits which are as follows : If the minimum period of 30 days is completed, the interest payable for deposits up to Rs.5 lakh is the applicable rate for the period the deposit remained with the Bank. If the deposit amount is more than Rs.5 lakh a foreclosure charges of 1.00% is deducted from the applicable interest for the period the deposit remained with the Bank. 12.Loan on Term Deposit No loan is envisaged as the system allows easy premature closure of required amount only for meeting withdrawal. 13.Opting out of the scheme by the depositor If the depositor wants to withdraw from "Liquideposit" scheme, he may do so by requesting in writing. The Term Deposits can be allowed to be continued as normal deposits if the depositor so desires. 14.Additional interest rates for term deposits Staff members and Senior citizens will not get the additional interest under Liquideposit scheme. 15.Implementing branches The scheme can be implemented only in fully computerised environment and, therefore, the scheme will be implemented only in CBS branches

21.5 Guidelines on Special products a. b. At present, these special products are marketed through all CBS branches. All existing customers as and when they request and new accounts at the time of opening the account are eligible under the scheme. Staff accounts are also eligible provided they comply with all the norms of the scheme. The format of request cum undertaking letter is given in para 20.6. The Bank shall review special status of accounts under various schemes on a quarterly basis (June, September, December and March). If the required minimum balance is not maintained, the special status of the account will be cancelled, the account decategorised and the concessions recovered from the customers. Under liquideposit facility, the balance in the SB account alone will be considered for computing average balance for determining the special status. The balance in Term Deposits is eligible for interest only when the balance remains in TD for more than 30 days. For computing quarterly average balance, only completed calendar quarters will be reckoned. Same norm will apply if existing / new customers request special status in the middle of a quarter. For Internet banking and online Tax payment, all accounts should be registered for internet banking. For e-mail and SMS alerts, the e-mail ID/ cell numbers respectively of the customers should be registered. Features / concessions falling within the control of the branch: Transfer of funds through NEFT Waiver of Demat charges Concession on cheque books Transfer of funds through RTGS i. Features/concessions under systems control i.e. The system will prompt the user to enter the current a/c no at the time of DD posting and extend the concession if the a/c no falls under any of the eligible schemes.

c.

d.

e.

f.

g.

h.

j.

Issue of DD Cheque collection charges Folio charges

Utility Bill payment facility Available to customers who have registered for E-See banking.

k. Online trading facility Our customers who open demat account with M/ s MF Global Sify Securities (www.mfglobal.in) can do online trading at the site. For payment instructions they have to use our banks internet facility using the drop down menu available at the site under transfer of funds option. l. Non-personalized ATM cards are to be given to the customers on day one.

m. Branches should comply with all norms of account opening and obtain customers undertaking in the relevant formats for extending facilities under these products. n. Overdraft facility of one months salary under SB-Silver can be extended after verifying salary certificates and after obtaining necessary documents.

o. The facilities under these special products can be utilised by the CBS branches for retaining the existing customers. However, more thrust should be given for mobilising more number of new accounts for improvement of CASA. p. Regional Heads should activate the marketing team in the Region and ensure that the groups targeted under each product are contacted personally for mobilising their accounts. q. All branches should extend excellent customer service for mobilising more new customers and retaining the existing customers. r. The customers of special accounts should be provided with a kit containing ATM card, cheque book, pass book, SB/CD rules, codes of BCSBI, schedule of charges, in a specially printed envelope each for SB-Silver, SB-Gold, CDClassic and CD-Super respectively. For requirement of kit materials, branches and Regional Offices are requested to take up with Printing and Stationery department and I.T department respectively. Branches are to use the SB/CD rules 2007 book already supplied by CO to RO in adequate quantity as a kit material. s. Branches should ensure that the facilities available for the products are made immediately available to the customers. For facilities like Multicity Cheques, name printed cheque books, overseas travel card etc, branches should make them available to the customers at the earliest by immediately taking up with the concerned layer of authority.

21.6.

Application for "Special SB Account (Annexure to Savings Bank Account Opening form)

Indian Overseas Bank .. Branch SB Account Number : .. Opened on :

1.

Name of the Depositor(s)

1. 2. 3.

2.

Address of Depositor(s)

1. 2. 3.

I / We wish to open a special SB account and agree to the terms and conditions governing the scheme which may be in force from time to time. 4. Please transfer to the term deposit account for a period of 6 months all amounts over the threshold balance of Rs.35,000/65000/125000 and in units of Rs.2,000/- from my S.B A/C No._______ (The period of deposit can be 6 months only) 5. I / We agree to maintain a minimum quarterly average balance of Rs.25,000/= 50000/=/100000/= always in S.B account 6. I / We authorise you to automatically renew the term deposit on maturity date for an identical period of 6 months at the interest rate prevailing at the time of such renewal
3.

I / We agree that the balance amount held in Savings Bank A/C will only earn S.B interest which at present is 3.50% 8. I / We agree to receive periodical statement of account (Instead of printed deposit receipts) for the amounts held in term deposits 9. In case the balance in S.B a/c is insufficient to meet withdrawals in any form and / or any cheque received in clearing or otherwise or is below the required minimum balance of Rs. 25,000/-/50000/-/100000, I / We agree to your transferring required number of units interest earned from the units closed will not be considered and principal alone will be reckoned for this purpose - from the term deposit account to S.B account, even if it means premature closure of some or all of the units, in order to meet the shortfall in the S.B a/c. The units last transferred to Term Deposit will be closed first whenever such transfer to S.B is required under last in first out method. 10. In case of premature of closure of units in Term Deposit either as required in point No.9 or at my / our request, I / We agree to receive the interest on the prematurely closed units as follows: I. If the deposit (units) has not completed 30 days from the date of transfer to Term deposit / or from the date of renewal no interest is payable.
7.

II. If the deposit has completed > 30 days from the date of transfer to Term Deposit / or renewal a) Interest at applicable rate for the period the units have run prevailing at the time of transfer or renewal is payable, if the total amount of units closed at one time is not more than Rs.5 lakh. b) If the total units closed at a time are more than Rs.5 lakh, interest payable is 1.00% less than the applicable interest for the period the deposit has run prevailing at the time of transfer / renewal. c) The additional interest is not allowed for term deposits of senior citizens and staff of IOB. 11. I / We understand that no loan can be raised against the balance amount or accrued interest in Term Deposit account. 12. I / We agree to deduction of Tax at source on interest earned on Term Deposit as per income tax rules in force. 13. I / We agree that the account cannot be transferred to another branch. In case I / We want to operate the account in another branch I / We agree for closure of the Liquideposit account, which may also involve premature closure of some of the units and open a fresh deposit at the other branch. 14. I/We understand that the terms and conditions relating to premature closure, interest rates and closure of deposits are subject to change from time to time without notice. 15. I / We agree that any addition / deletion of names in the case of joint account is applicable for both the S.B portion and Term Deposit portion of the Liquideposit. 16. I / We agree that any overdraft created in the S.B a/c during business hours is only for operational convenience and the overdraft will be adjusted at the end of the day by transfer from Term Deposit. I / We agree not to demand any overdraft facility on the basis of the overdraft created temporarily. 17. I / We understand that any Garnishee Order / Income Tax attachment order etc., received will attach both the S.B and Term Deposit portions. I / We also understand and agree that during the period the Garnishee Order / I.T. Attachment order etc, there will be no renewal also of the matured Term Deposits/ no creation of fresh deposits and no operation will be allowed in SB account. Upon the vacation of the Garnishee / I.T. Attachment order etc. the matured deposits will be treated as overdue deposits and I / We agree for their renewal under the guidelines for renewal of overdue deposits prevailing at that time.

Place:

Signature of Depositor(s)

22. SAVINGS BANK ACCOUNTS UNDER CAPITAL GAINS ACCOUNTS SCHEME, 1988 22.1. Branches situated in non-rural areas can accept deposits under the above scheme to enable the tax payers to avail of the benefit of exemption from Capital gains. Such an exemption can be claimed by the tax payers only if the amount of capital gains or the net consideration is deposited in the Bank account on or before their due date of filing a return of income in accordance with the scheme. These accounts can be opened only by those tax payers who are eligible for exemption under Section 54, 54-B, 54-D, 54-F OR 54-G of the Income Tax Act, 1961 (43 of 1961). 22.2. Authorised branches may open Savings Bank accounts under the above scheme as per the guidelines given in the succeeding paragraphs. 22.3. The accounts opened under Savings Bank account are to be classified under Deposit Account - A under the General Ledger head SAVINGS BANK (CAPITAL GAINS ACCOUNTS SCHEME, 1988) WITH CODE NO 1203 and shown under Demand Liabilities in the General Ledger balance sheet. Accounts opened as Term Deposits are to be classified under Deposit Account B under the General Ledger head Term Deposits (Capital Gains Accounts Scheme, 1988) with Code No.1010. 22.4. OPENING OF ACCOUNTS UNDER CAPITAL GAINS ACCOUNTS SCHEME, 1988 ACCOUNTS UNDER THIS SCHEME MAY BE OPENED AS SAVINGS BANK ACCOUNTS DESIGNATED AS DEPOSIT ACCOUNT A UNDER THE SCHEME AND/OR TERM DEPOSITS DESIGNATED AS DEPOSIT ACCOUNT-B UNDER THE SCHEME. ( For term deposits scheme branches shall refer to the master circular on term deposits ) i) All formalities for opening of accounts viz., completion of the relevant application form, specimen signature sheets, obtention of satisfactory introduction etc. should be complied with by the branch before opening an account under this scheme. Joint Accounts are not permitted under Capital Gains Accounts Scheme. KYCNorms / AML Standards will also apply to these accounts. ii) Branches shall use the account opening form FORM - A (specimen provided in Annexure II) for opening of Savings Bank accounts under the scheme.

iii) All the relevant columns in the form should be completed and the specific section of the Income Tax Act under which the depositor is claiming exemption should be noted clearly. iv) Once the completed application form is received, the officer-in-charge of the department should verify that all particulars have been incorporated in the application form. He/she should then, obtain the approval of the Manager/Deputy Manager for opening the account. The account may then be opened under Savings Bank (Capital Gains Accounts Scheme,1988). v) Deposits may be made in lumpsum or in installments at any time on or before the due date of filing the return of Income Tax as applicable to the depositor under the Income Tax Act. Separate accounts should be opened if the depositor intends to avail the benefit under more than one of the above sections of the Income Tax Act.

vi)

vii) Branch may accept the deposit either in cash or by crossed cheque or by draft (subject to realisation) along with the application. Subsequent deposits should also be made at the same branch where the original account has been opened. The effective date for claiming exemption under the Act in the case of deposits by cheque/draft will be the date of tender of those instruments subject to their realisation.

22.5.

OPERATIONS IN THE ACCOUNTS UNDER CAPITAL GAINS ACCOUNTS SCHEME, 1988 i) Authorised branches should issue Savings Bank pass books to the depositors recording all deposits, withdrawals together with interest due, duly authenticating all the entries. These Passbooks should never be retained by the branch. Cheque Book facility is not permitted in view of the system of withdrawal through submission of prescribed forms as per the schedule. For initial withdrawal, the depositor should apply in Form- C (specimen provided in Annexure IV) and for subsequent withdrawals in Form -D (specimen provided in Annexure V) (in duplicate) additionally. Branch should preserve one copy of Form D and return the other to the depositor. Such Form-D should be kept stitched along with the days voucher. Branches should refuse withdrawal unless Form -D is filled up with complete details and duly signed. Withdrawals for amounts exceeding Rupees Twenty Five thousand should be paid to the depositor only by way of crossed demand draft drawn in favour of the person to whom the depositor intends to make the payment. iii) Interest Interest on Savings Bank accounts opened under the scheme shall be paid at the rates applicable for ordinary Savings Bank accounts and in the same manner. Interest on amounts deposited by cheques will run from the date of their realisation. Minimum half-yearly interest payable will be Rupee One. iv. Transfer of the account from one branch to another of our bank is permitted on application by the depositor. v. Utilisation of the amounts withdrawn from the account is subject to the relevant provisions of the Income Tax Act. The unutilised amounts out of the withdrawals may be permitted to be deposited back into the account immediately after the expiry of sixty days from the date of withdrawal.

ii)

22.6. NOMINATION for Capital Gain scheme accounts Branches are permitted to accept one or more nominations for the accounts opened under the scheme 22.7. Branches are permitted to convert balances under savings bank accounts under the scheme into Term deposits (under Account-B) and vice versa. Deposits made in the form of term deposits under the scheme are classified under Account-B Term Deposits (Capital Gains Accounts Scheme, 1988). Such applications should be made on Form - B (specimen provided in Annexure III) (for detailed guidelines on term deposits under the scheme branches are to refer to master circular on term deposits. 22.8. CLOSURE OF ACCOUNTS UNDER CAPITAL GAINS ACCOUNTS SCHEME, 1988: Accounts under the scheme may be closed only with the prior written approval of the Assessing Officer (Income Tax Department, Government of India) having jurisdiction over the depositor.

The depositor should apply to the Assessing Officer for closure of the account and branches can pay the amounts including accrued interest, if any, only after obtaining the specific written approval of the above authority and the application for closure of account in Form G (provided in Annexure VI) duly completed and signed by the depositor The proceeds of the account thus closed should be paid only by credit to the depositors account at any Bank. Regarding payments to nominees or legal heirs branches should refer to master circular on nominations. 22.9. Authorised branches should advise the following details monthly to Government Accounts and Currency Chest Department, Central Office, with a copy to Regional Office for purpose of control, feed back to Reserve Bank of India/Government authorities. ********************************* PARTICULARS OF DEPOSITS RECEIVED UNDER CAPITAL GAINS ACCOUNTS SCHEME 1988 I. ACCOUNT A Name of Account Holder 2 Balance as on 3 Opened under Section No....... of IT Act 4

Sl No. 1

II. ACCOUNT B Term Deposit receipt no. 1 Nature of Deposit 2 Full Name & Address 3 Amoun Perio t d 4 5 Opened Due under Sec. Date No.... of IT Act 6 7

I.

Details of transfer/withdrawals/conversion of any existing accounts (if otherwise state NIL) Account No. Nature of transactions

IV. SUMMARY Account A Balance as per General Ledger as at close of previous month ADD receipts during the month LESS withdrawals/conversions/transfers/ closures etc. Balance as per General Ledger as at close of month under report Account B

Rs. .................. Rs. .................. Rs. ..................

Rs. .................. Rs. .................. Rs. ..................

22.10. Formats for Savings bank Capital Gains account scheme1988 Deposit office mentioned in the forms relate to our bank. ****************************************************************** ANNEXURE II FORM A (See sub-paragraph (i) of paragraph 5) (To be submitted in duplicate) Name of the Deposit Office Serial No___________ APPLICATION FOR OPENING AN ACCOUNT UNDER THE CAPITAL GAINS ACCOUNT SCHEME 1988 To The Manager ______________________________________ (Name & address of the Deposit Office) I,_____________________________ (Name & address of the Applicant/Depositor) aged__________ years__________ hereby apply for opening *Account A And/or * Account-B under the CAPITAL GAINS ACCOUNTS SCHEME, 1988 (in terms of section *54/*54B/**54D/*54F/*54G of the Act)* in my name/ *in the name of _______________________ (Name of the depositor) of whom I am the *guardian/*karta/*authorised officer, and tender herewith the amount of Rs.________________ in cash/by way of *crossed cheque/* Demand Draft, towards deposits as per details below. 1 (a). Amount deposited Rs............... (in figures) Rs. .......................... .............. (in words) *in cash/by *crossed cheque/ *Demand Draft No........... dated............. drawn on ........................ (b) 2. Address of the Depositor: *I wish to make a nomination in respect of the amount to my credit in the said account/*I do not wish to make nomination in respect of the amount to my credit in the said account, at present. Applicants relationship with the depositor (in case the depositor is minor) Whether applicant is natural guardian/guardian appointed by Court, for the minor depositor. Date of Birth of minor Depositors permanent I.T. Account No. District/Ward/Circle/Range where assessed Previous year (as applicable in case of the depositor) :

3 (a)

(b)

: :

(c) 4.

5.

From__________ To ___________

6. 7. (a)

(b) (i)

Assessment year in respect of which deposit is to be made whether deposit is to be made under Account-A or Account-B or under Account-A & Account-B In case the deposit is to be made under Account A & Account B Amount to Account-A be deposited under

: : Rs__________________ (in figures) Rs__________________ (in words) : Rs__________________ (in figures) Rs___________________ (in words) : : :

(ii) Amount to Account-B (c) (i) (ii) Date: Place : be deposited under

In case of Account-B Period for which deposit is to be made Whether the deposit is made as *Cumulative/*Non-Cumulative

DEPOSITOR/OF

SIGNATURE/THUMB IMPRESSION OF THE THE GUARDIAN/ KARTA/AUTHORISED OFFICER OF THE DEPOSITOR ADDITIONAL SPECIMEN FOR THE USE OF DEPOSIT OFFICE

1(a) Account - A No. _____________ has been opened on __________ with Rs.___________________ in the name of ____________________________________. (Name of the depositor) (b) Pass Book No._______________ applicant/depositor. has been issued to the

2.(a) Account-B No________________ has been opened on _________with Rs.__________________ in the name of __________________________________________ (name of the depositor)* (as *Cumulative/*non-cumulative deposit)*. (b) Deposit Receipt No.____________ for Rs.____________________ dated ___________________ has been delivered on ___________to the *applicant/*depositor. 3. Cheque No._______________ dated __________ for Rs._________ drawn on ______________ tendered by the *applicant/*depositor, has not been realised, hence account has not been opened. Date:............. Notes: * 1. Delete what is not applicable. 2. Option with respect to type of account/accounts intended to be opened and amount to be deposited and other details (in case two accounts i.e. Account-A and Account B are to be opened) must be mentioned under the respective columns. OFFICER-IN-CHARGE

**3. Nomination Form-E must be submitted along with this application in case the individual depositor intending to make nomination, otherwise the applicant should delete the portion under column 2 of the form, whichever is not applicable 4. 5. Column 3 is for deposits made on behalf of the minor. If space provided in the column is not sufficient to furnish any detail, the same may be furnished by way of using separate enclosure and making reference of the same in respective column.

*********************************************************************** ANNEXURE III FORM - B (See sub-paragraphs (2),(3) & (7) of paragraph 7) Name of the Deposit Office Serial No.________ APPLICATION FOR CONVERSION OF ACCOUNTS UNDER THE CAPITAL GAINS ACCOUNTS SCHEME 1988 To The Manager ____________________ _____________________ (Name & Address of the Deposit Office) 1. 2. I _______________________________________________, hereby (Name of the *Applicant/*Depositor) apply for Transfer of the principal amount Rs._________________________ (in figures) (Rupees _______________________________(in words) together with the amount of interest accrued in Account B No.__________________________. (Deposit Receipt No.______________________)maintained with your office in *my name/*the name of_____________________________________ (Name & Address of the depositors);

(a) Account-A No._________________. Pass Book No.______________ maintained with your office in *my name/*the name of aforesaid depositor (b) * to a new Account A which may please be opened in my name/*in the name of aforesaid depositor. I submit herewith the aforesaid Deposit Receipt No.___________ for the purpose of transfer of said amount to aforesaid Account-A * which is retained with your office/ *which is to be opened as per above. 3. (i) Opening a new Account - B in *my name/*in the name of ______ ____________________________ (Name and address of the depositor) for a period of __________________ days/months/years with effect from ____________ (date) and to transfer the sum of Rs______________(in figure) Rupees______________ ___________________ (in words) to the credit in such new Account - B out of the balance standing to the credit in Account A No.____________________ (Pass Book No______________) maintained with your office *in my name/ *in the name of said depositor _______________________(name of the depositor). (ii) I submit herewith the aforesaid Pass book No. _____ for the purpose of transfer of said amount to a new Account - B.

4.

* The application is made by me as guardian on behalf of aforesaid ______________________ (Name of the depositor) who is a minor. * The application is made by me as Karta _____________________ Hindu undivided family. of the aforesaid

5.

6. * The application is made by me as authorised officer of the aforesaid * firm______________________/___________________*company /*Association of Persons/*Body individuals. Date: Place: SIGNATURE/THUMB IMPRESSION OF THE DEPOSITOR/THE GUARDIAN/ KARTA/AUTHORISED OFFICER OF THE DEPOSITOR. ******************************** ADDITIONAL SPECIMEN FOR THE USE OF DEPOSIT OFFICE *(1) FORM-B The deposit in aforesaid Account B, No.______________________________ Deposit Receipt No.______________ has been allowed to be withdrawn *before maturity/*on maturity/*after maturity and total sum of principal amount Rs.________________ (in figure) (Rupees_______________ (in words)] and sum of Rs._________________________ (in figures) [Rupees ______________ (in words) of interest accrued in said Account-B No._______________ has been transferred on ___________________ (date) to Account-A No.________________ Pass Book No.__________________ *which is already maintained/*which has been opened on _________ (date) in the name of the aforesaid depositor __________________ (name of depositor) * and the Pass Book No._______________ of the newly opened Account-A No._______________ has been delivered on ________________ (date) to the above mentioned*applicant/*depositor.

*(2) A new Account-B No.___________________ Deposit Receipt No._______ for sum of Rs._____________ (in figures) [Rupees _________________________(in words)] has been opened on ______________ (date) for a period of ______ days/month/year(s) in the name of aforesaid depositor ___________________________ (Name of the Depositor) and the sum of Rs.______________ (in figures) [Rupees_________________________ (in words)] has been transferred to said new Account-B No. _______________ on ___________ (date) out of the balance standing to the credit in the aforesaid Account-A No. _______ of the said depositor. Date :......... Notes: *1. Score out whichever is not applicable. 2. If space provided in a column or columns is not sufficient to furnish the requisite details, same may be furnished by way of using separate enclosure and referring the same under the respective column. *********************************************************************** OFFICER-IN-CHARGE

ANNEXURE IV FORM C (See sub-paragraph (1) of paragraph 9) ____________________________________________ (Name of the Deposit Office) Serial No_________ APPLICATION FOR WITHDRAWAL OF AMOUNT FROM ACCOUNT-A UNDER THE CAPITAL GAINS ACCOUNTS SCHEME 1988 To The Manager ____________________________ ____________________________ (Name & address of the Deposit Office) I, ________________________________________ (Name of the *applicant/*depositor) son of ________________ residing at________________________ (Address of the *applicant/*depositor) wish to withdraw a sum of Rs.______________________(in figures) (Rupees__________ (in words) from the Account-A No.__________ (pass book no._________) maintained with your office, in *my name/*the name of ___________________. (Name & address of the depositor).

2. I hereby declare and confirm that the amount sought to be withdrawn is proposed to be utilised in terms of the provisions of *Section 54/ *Section 54B/ * Section 54D/ *Section 54F/ *Section 54G of the Act for the following purposes. (i) (ii) (iii) (iv) (v) ____________________________________________ ____________________________________________ ____________________________________________ ____________________________________________ _____________________________________________

(vi) _____________________________________________ (vii)______________________________________________ 3. I request you to please pay the aforesaid amount of withdrawal in the following manner: *(i) Amount of Rs._______________(in figures) ( Rupees__________ (in words)) may be paid in cash for the purposes mentioned at Serial No. ( ) ____________ of column 2 herein above: *(ii) Amount of Rs.____________ (in figures) (Rupees_____________ (in words)) may be may be paid to ________________ (Name and address of the party to whom payment is to be made) by way of Pay Order/Demand Draft for the purposes mentioned at Serial No _______ of column 2 herein above.

4. 5.

The application is made by me as guardian on behalf of aforesaid depositor ____________ (Name of the depositor) who is a minor. The application is made by me as authorised officer of the aforesaid depositor *firm __ /___ *company /Association of persons/Body of individuals. The application is made by me as Karta of the aforesaid depositor ___________ Hindu undivided family. Date: SIGNATURE/THUMB IMPRESSION OF THE DEPOSITOR/THE GUARDIAN/KARTA/ AUTHORISED OFFICER OF THE DEPOSITOR

6.

Place :

ADDITIONAL SPECIMEN FOR THE USE OF DEPOSIT OFFICE (i) Withdrawal for total amount of Rs.______________________ *allowed /*not allowed because the depositor has not furnished the requisite details in respect of his preceding withdrawal/not allowed in terms of the provisions of sub-paragraph(4) of paragraph 9 as the withdrawal has been sought in cash. (ii) Amount of withdrawal has been made as per below: (a) Cash Rs.______________________ (b) Cheque/Demand Draft issued ______________________ (Details may be noted) Date:................ NOTES: 1.*Delete whatever is not applicable. 2. Please mention the details of purpose for which amount is sought to be withdrawn. Please mention the details of amount sought to be paid in cash and by way of Pay Order/Demand Draft with reference to the specific purpose and serial number at which such purpose has been mentioned under column 2 of the application and also the name of the party, account number (if any) of the party in whose favour Demand Draft/Pay Order is sought to be issued. Column 4,5, 6 pertain to deposits made on behalf of a minor, a company , a firm, a Hindu undivided family, Association of persons, Body of individuals. Hence in case of individual deposit these columns may be scored out and in other cases one column which is applicable may be retained and the remaining two columns may be scored out. Details pertaining to column no. 2/3 may be furnished by way of Annexure or Annexures if the space provided in the columns is not sufficient to furnish the details. OFFICER-IN-CHARGE

3.

4.

5.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

ANNEXURE V FORM - D (See Sub-paragraph (3) of paragraph 9) To be submitted in duplicate ________________________ Name of the Deposit Office Serial No_____________ DETAILS REGARDING THE MANNER AND EXTENT OF UTILISATION OF THE AMOUNT WITHDRAWN FROM ACCOUNT UNDER THE CAPITAL GAINS ACCOUNTS SCHEME, 1988. To The Manager ____________________ ____________________ (name & address of the Deposit Office) 1. I, ____________________ (Name of the applicant/depositor) S/o _______________________ residing at ___________________ am furnishing in terms of sub-paragraph (3) of paragraph 9, the requisite details regarding the manner and extent of utilisation of the amount of Rs. __________ (in figures) (Rupees _______ (in words)) withdrawn by me on _______ (date) out of the balance to the credit in Account-A No._______ (Pass Book No.) __________ maintained with your office in *my name/ *in the name of aforesaid __________________ (name & address of the depositor) Manner / purpose for which amount withdrawn, mentioned herein above has been utilised: Amount (2) PARTY TO WHOM PAYMENT has been made (3) Voucher No. Receipt No. (with date) (4)

2.

Purpose (1)

3. I hereby declare and confirm that the amount withdrawn, which herein above, has been utilised *partly and the Rs.________________ was re-deposited on ________________ of aforesaid account/*wholly for that purpose mentioned herein column 2. 4. 5.

is mentioned balance of to the credit above under

This declaration is made by me on behalf of the aforesaid minor depositor ______________________________ of who I am guardian. This declaration is made by me on behalf of the aforesaid *firm/ *company/*association of persons/*body of individuals of whom I am the authorised officer to make this declaration. This declaration is made by me as Karta of the aforesaid ________________ Hindu undivided family.
SIGNATURE/THUMB IMPRESSION OF THE DEPOSITOR/THE GUARDIAN/KARTA/AUTHORISED OFFICER OF THE DEPOSITOR

6.

Date: Place

ADDITIONAL SPECIMEN PAN AND ~DISTRICT/WARD/CIRCLE/RANGE WHERE ASSESSED FOR THE USE OF DEPOSIT OFFICE Withdrawal of Rs.________________ permitted/ *not permitted as the details in respect of total amount of Rs.________________ withdrawn on ________________ have not been furnished. *Applicant/ *Depositor has been advised to furnish the details. Date:......................... Notes: *1. Delete whatever is not applicable 2. Column 4, 5, 6 pertain to a deposit made on behalf of a minor, firm, company, a Hindu undivided family, association of persons, body of individuals. Hence individual depositor may score out these columns and in other case only one column which is applicable may be retained and the remaining two columns may be scored out. If space provided under column 2 is not sufficient to furnish the requisite details, same may be furnished by way of using separate enclosure and referring the same under the respective column. OFFICER-IN-CHARGE

3.

****************************************************************

ANNEXURE VI
FORM - G (See sub-paragraph (1) of paragraph 13) (To be submitted by the depositor) _______________________________________________ (Name of the Deposit Office) Serial No.________________ APPLICATION FOR CLOSING THE ACCOUNT UNDER THE CAPITAL GAINS ACCOUNTS SCHEME 1988 BY THE DEPOSITOR. To The Manager ___________________ ___________________ (name & address of the deposit office) 1. I, __________________________ (Name of the *depositor/*Applicant) aged_______ years, son of ________ residing at _______________ (Address of the depositor/*applicant) hereby apply in terms of sub-paragraph(i) of paragraph 13 of the Scheme, to close the *account\accounts mentioned below, which *is/*are maintained with your office *in my name/in the name of ______________ (name & address of the depositor)

2.

Details of Account/Accounts:

(i) ACCOUNT-A NO:________________ Pass Book No.________________ (ii) ACCOUNT-B NO:________________ Deposit Receipt No. _________ 3. 4. 5. I tender herewith the *Pass book/ *Deposit Receipt mentioned herein above. The application is made by me as guardian on behalf of aforesaid depositor, who is a minor and whose date of birth is ________________ The application is made by me as authorised officer of the aforesaid depositor, the *firm ______ / _____ *company, association of persons ______ body of individuals __________. The application is made by me as Karta of the aforesaid depositor ________________ a Hindu undivided family. SIGNATURE/THUMB IMPRESSION OF THE DEPOSITOR/THE GUARDIAN/ KARTA/ AUTHORISED OFFICER OF THE DEPOSITOR

6.

Date:

Place

ADDITIONAL SPECIMEN APPROVED (Signature (with date) and stamp of Assessing Officer having jurisdiction) FOR THE USE OF DEPOSIT OFFICE (Details of *Account/*Accounts closed and total amount paid may be recorded) 1. 2. 3. 4. 5. ____________________________ ____________________________ ____________________________ ____________________________ _____________________________ OFFICER-IN-CHARGE

Date: ............... Notes: 1. Delete whatever is not applicable.

2. Columns 4,5,6 pertain to deposit on behalf of a minor, firm, company, association of persons, body of individuals, Hindu undivided family. Hence in case of individual depositor these columns may be scored out. In other case, only one respective column may be retained and the remaining two may be scored out. 22. SAVINGS BANK RULES As per commitment given to BCSBI our bank has to make available the savings bank rules in our banks website, also in hard copy to every customer. The rules are printed and circulated to branches for this purpose. The rules as a small booklet are also made available in KITs given to SB- Special products customers. Branches should ensure that the rules are posted in the branch notice board also for the information of the customers. The rules are reproduced here for the information of the branches.

INDIAN OVERSEAS BANK

S A V I N G S B A N K R U L E S (2007) 1. Any person approved by the Bank may open a Savings Bank account upon agreeing to comply with the following rules: 1-A. A Savings Bank Account may be opened by: a a person in his/her own name; b two or more persons in their joint names payable to: i) both or all of them or to the survivor or survivors of them; or ii) either or any one or more of them or the survivor or survivors of them c. a natural guardian i.e. father or mother on behalf of the minor d. a natural guardian i.e. father or mother in the joint names of himself/herself and the minor payable to either or survivor; e. a person in the name of any minor of whom he or she is the guardian appointed by the Court; f. a minor of age ten and above in his/her single name to be operated upon by himself/herself. 2. Significance of various mandates applicable for Savings and Current Deposit Accounts is explained below: Accounts in the names of two or Explanations more persons with Mandate as a. Jointly by all the Depositors Operations in the account would be permitted only under joint signatures of all the depositors, and, upon the death of one of them, operations would not be allowed, as the balance is payable to the survivor(s) and the legal representatives of the deceased person. So also for the closure of the account. b.i Both or Survivor Operations in the account would be permitted ii All or Survivors only under joint signatures of all the depositors as long as all the depositors are alive, but upon the death of one of them the balance will become payable to the survivor or survivors without reference to the legal representatives of the deceased. When the survivors want to close the account they may do so subject to production of death certificate of the deceased account holders. c. i Either or survivor Operations will be allowed by either of them during their lifetime and by the survivor when one of them dies. Closure of accounts and/or transfer to another branch would be permitted only at the written request of both the account holders when both are alive. When the Survivor wants to close the Account he/she should submit the death certificate of other account holder.

c. ii Anyone or survivor

d.

Former or Survivor

Operations will be allowed by anyone of the depositors during the lifetime of all of them. However, closure of accounts and/or transfer to other branches would be permitted only at written request of all the account holders. It also follows that upon the death of one of the depositors the balance is payable to the survivor(s) without reference to the legal representatives of the deceased. When the survivors want to close the account it can be done subject to production of death certificate of the deceased account holders. Operations will be allowed by the Former only and only on the death of the former, the account will be allowed to be operated by the survivor. Closure of accounts and/or transfer to another branch would be permitted only at the written request of both the account holders. When Survivor wants to close the account he/she should submit the death certificate of the Former.

2-A. Accounts under 1-A (c) & (d) will be opened where the funds to be lodged comprise the guardians own funds and his/her intention is, in the case of 1-A (c) to utilise the moneys for the benefit of the minor and to eventually make over the balance lying at credit of the account available to the minor on his/her attaining majority and in the case of 1-A (d) to provide that with effect from the date the minor attains majority, the account be operated by the minor also. In the case where the funds with which the account in the name of the minor is to be opened devolve upon him/her by gift, inheritance etc., or where the Bank at its discretion, so considers it necessary, the account in the name of the minor will be permitted to be opened only by a guardian appointed by a Court, vide rule 1-A (e) and the guardianship certificate must embody an express authority to open and operate an account with the Bank. 2-B. In the case of accounts under rule 1-A (c) & (e), upon the minor attaining majority, the right of the guardian to operate on the account will automatically cease. Any balance in the account will be deemed to be the exclusive property of the minor who has attained majority and further withdrawals will be allowed by him/her alone and not by the guardian. In the case of an account opened under rule 1-A (d) the minor on attaining majority will also be permitted to operate on the account on completion of the necessary formalities. In the event of the death of the guardian before the minor attains majority, the balance in the account would be payable to the minor on his/her attaining majority or to some other person appointed by a competent court as the guardian of the property of the minor or trustee on behalf of the minor prior to his/her attaining majority. NOTE: A minor for whom a guardian is appointed by a Court attains majority on completion of Twenty One years of age. Otherwise he/she is deemed to be a major on completing Eighteen years of age.

2-C. In the case of accounts under rule 1-A (f) not withstanding what is stated in the rules to follow, withdrawals will be permitted only by cheques, necessitating compliance of the formality with regard to introduction referred to in rule 9 and the maximum balance in the account shall be restricted to Rupees Fifty thousand only.

3. Accounts may be opened in the names of clubs, associations, societies, educational

institutions and Hindu Undivided Family so long as the account is not used for conducting trade and the Bank is satisfied that the account is opened for genuine savings purposes. 3.a Accounts may be opened for blind persons or for illiterate persons using thumb impression. Such persons should call on the bank to withdraw cash along with passbook. No Cheque books would be issued to such persons. Savings Bank Accounts would not be used as Current Accounts, that is for trading purposes. It should be used for genuine savings purpose only. Minimum balance and penalty charges for non maintenance of minimum balance: With cheque facility Rs.500/Rs.1000/Rs.250/Without facility Rs.100/Rs.500/Rs.5/cheque Penalty for maintenance Rs.7 per month Rs.14 per month As above non

4.

5.

Category Rural & Semi urban branches Other branches Pensioners SB acc

When the facility of withdrawal by cheque is permitted, stipulated minimum balance shall always be maintained in the account except in the case of accounts opened by minors under SB Rule 1-A(f). The Bank however reserves the right to refuse this facility without assigning any reason whatsoever. 5a. Deposit of cash and cheques/DDs/interest warrants/electronic transfers A depositor may deposit money as often he/she wishes. There is no ceiling on the interest-bearing maximum balance in a Savings Account. For cash deposited for more than Rs.50000/- customer should write down the PAN number in the deposit slip. If no PAN number is allotted to the account holder then he/she should furnish Form.60 (Non Agriculture) / Form.61 (Agriculture) as the case may be. Cash and cheques to be deposited should be handed over to the respective counters and no individual outside the respective counters have any authority to receive them. Customers can avail the drop box facility to deposit the cheques and in case an acknowledgement is needed they should deposit the cheques in the counters only. 6. Cheques, drafts, dividend warrants and other instruments drawn payable to the depositor only will be accepted for collection. Where any cheque drawn on the account is returned for want of funds charges prevailing on the date of such return will be levied for every cheque so returned upto three time i.e. for the first three returns and thereafter, the account will be closed with due notice. 7. HOW TO OPEN AN ACCOUNT Persons desiring to open a Savings Bank Account must attend the Bank, when he/she will be furnished with a copy of these rules and a form of an application to open an account.

7(a)

Every deposit account opened with the Bank would carry a nomination and the depositor(s) shall at the time of opening the account nominate an individual (not being a minor) of his/her/their choice and submit the application along with the nomination form (annexed to the account opening form) duly filled in and signed. Nomination in two or more names/ proportionate nomination is not possible. The nomination can be changed at any time by making an application by all account holders to the bank. When an applicant is unable to write he/she will affix his/her left hand thumb impression in the presence of a witness known to the Bank. Withdrawals for such accounts will be by withdrawal forms only.

8.

9. The applicant must be introduced to the satisfaction of the Bank. However if a customer is able to produce documents to identify himself and for address proof to the satisfaction of the bank, the account may be opened by the bank at its discretion. 10. Every depositor is required to give two copies of latest passport size photographs and the specimen of his/her signature in duplicate for record. The signature must be legible and well formed. All withdrawal forms, cheques and letters to the Bank must be signed strictly in accordance with such specimen. 10.a. Along with the applications, every depositor is required to furnish a CROP (Customer's Record of Profile) Form duly filled in and signed to comply with Know Your Customers norms as prescribed by RBI. This form would be updated every year by the customer. Bank will normally accept the following documents for identification and address proof: Current gas connection papers Telephone bill Electricity bill Voters ID card Driving Licence Passport Any other document approved by the bank (Originals should be submitted with a photocopy. After perusal original will be returned by the bank) Every Customer should furnish the PAN Number in the account Opening Form. If no PAN No. is allotted to him /her, declaration in Form.60 (Non Agriculture) / Form.61 (Agriculture) should be furnished. The relative forms are available with the bank. Following types of Customers have to submit additional papers Hindu Undivided Families (HUF) A HUF letter in bank's standard format signed by the Karta and all the major Coparceners of the HUF Trust : a. Certified copy of the trust deed b. Where a trust is a charitable trust, a certified copy of the certificate from the charity commissioner c. Where there is no trust deed, a certified copy of the order from a competent court d. Certified copy of the resolution regarding opening and conduct of the account e. List of present trustees with bio data of each trustee

Clubs, Societies (including co-operatives),Association, Educational Institutions

a. Certified true copy of the Rules, Regulations, Bye-laws (as the case may be) b. Certified true copy of Certificate of Registration or incorporation in the case of
registered bodies (originals will be verified and returned)

c. A Certified true copy of the Resolution (certified by the Chairman of the meeting
of the Governing Board or Managing Committee or like body, at which it was passed) authorising opening of an account with the Bank and giving the list of office bearers authorised to operate the account in accordance with the rules and bye-laws of the body. d. A copy of the Balance Sheet in the case of a co-operative society, if available. e. In some states, the Co-operatives to open account with a bank other than a cooperative bank need permission from the Registrar of Co-operative Societies. In such cases a copy of such permission. 11. A D D I T I O N S / D E L E T I O N S O F A N A C C O U N T H O L D E R A request letter signed by all the account holders should be submitted to the bank for appropriate action. In case of an addition, Know Your Customer Procedure for the person to be added will have to be compiled with.
12.

When the application duly completed is presented at the Bank with the initial deposit, the amount deposited will be entered in a passbook to be supplied to the depositor and the entry therein will be initialed by an authorised official of the Bank.

13. P A S S B O O K The Pass Book will show the number of the depositors account, his/her name and address. It must be presented for all withdrawals other than those by cheques. In case of withdrawals by cheque, the pass book would be presented within a week from the date of withdrawal, when such deposits and withdrawals will be entered and the pass book immediately handed back. The depositor would examine the entries in the pass book carefully and draw the Banks attention to any errors or omissions that he/she may notice. The Bank will not be responsible for any entries not authenticated under the initials of its authorised persons. (Where there are large number of entries, the pass book may be retained by the Bank and a paper token will be issued. The depositor would arrange to collect the pass book from the Bank within a week by returning the token, failing which, the pass book will be despatched to the account holder by registered post at his/her cost.).

14.

Depositors are requested to keep their passbooks in a place of safety. The Bank will not be responsible for any loss or fraudulent withdrawal arising out of the loss of a passbook due to a depositors negligence. Every change of address would be intimated immediately to the Bank and the passbook sent for necessary corrections to be made. LOSS OF PASS BOOK In case of Joint Account if the passbook is lost, all the account holders should make application for duplicate passbook. In case of E or S account, any one of the account holders can apply for the duplicate passbook. No charge will be made for the pass book first supplied to a depositor or for any pass book issued to him/her in continuation of the original book; but if a pass book be lost or spoiled (except under circumstances over which the depositor has no control) the depositor will be charged Rupees Twenty only per Pass Book at non-rural branches and Rupees Sixteen only per Pass Book at Rural branches, for Duplicate book starting with the balance made up of the principal and interest last applied. If the depositor wishes

15.

that it is to be written up for a specific period, an extra charge of Rupee 20/- per ledger page or part there of in the case of non-rural branches and Rs 16 per ledger page or part there of in the case of rural branches will be recovered. (for accounts maintained on computers 40 entries or part there of will be treated as one ledger page).

16.

LIMITATION OF WITHDRAWALS Number of withdrawals permitted is fifty per half year in a financial year. For accounts opened in the middle of the half-year permissible withdrawals will be calculated pro-rata.

17.

If the number of debits in the account exceeds the permitted limit or if the minimum balance requirement is not complied with as per rule 15 or 16 above respectively, a reasonable service charge shall be levied to cover the cost. STANDING INSTRUCTIONS Standing instructions for remittances of Insurance Premia etc., are accepted from depositors and every debit thereunder will be treated as a withdrawal. Bank will also register the mandate for ECS debits in a account. Service charges, as applicable to the services rendered in accordance with the standing instructions of the depositor, will be levied, in addition to recovery of out of pocket expenses such as postage, telex/telegram/telephone charges, Money Order commission paid, etc.

18.

19.

WITHDRAWALS Money deposited in an account opened on behalf of a minor will be permitted to be withdrawn during the minors minority only by the guardian. The guardian shall have no power to draw subsequent to the minor attaining majority. The guardian will also have no power to draw in the event of the minor dying during minority, except in the case of an account opened by a natural guardian under rule 1-A (c) where the balance may be permitted to be withdrawn by the guardian on completion of the necessary formalities.

20.

A depositor cannot withdraw a smaller sum than one rupee unless it be to close the account, in which case the entire balance of the account will be withdrawn. No cheque shall be drawn for amounts below Rupees Five only. If the depositor is unable to write, he/she must call on the Bank personally to withdraw money from his/her account. In case of aged or bedridden person, the bank will depute at depositor's cost a person or Official from the bank to obtain the signature/thumb impression duly witnessed. Debits to customers' accounts other than cheque may be effected in the following circumstances :

21.

Effecting of standing instructions Recovery of interest, service charges, commission etc., Recovery of instalments on loans Recovery of amounts wrongly credited or wrongly omitted to be debited to the customers accounts CHEQUES :

   

22.

Withdrawals may be made by cheque forms supplied by the Bank. The Bank reserves its right to refuse payment of any cheque not drawn on a cheque leaf issued to the customers. Cheque books will normally be issued to a depositor on personal

application only; if for any reason this is not possible, the cheque books will be despatched by Registered Post and the postage incurred will be charged to the account. Cheque books requested through a third party with the requisition slip duly signed by the account holder may be issued by the bank, provided the bank is satisfied with the credentials of such third party.

23. (i). At any one time not more than a chequebook containing 20 cheque leaves would
be issued. If more than 20 cheque leaves are required a specific application with reasons thereof should be made to the branch manager with reasons for additional chequebook which would be approved/declined at the Regional Office. 22.(ii). Cheque leaves issued more than 60 in number per annum would be charged at the rate of Rs.2.25/= per MICR cheque leaf and Rs.1.15 per Non MICR Cheque Leaf 22.(iii). At the time of receiving the cheque book from the bank, the account holder should count the cheques therein and draw attention of the bank if any cheque leaves are missing from the book. 22.a. The Bank will register instructions from the drawer regarding cheque lost, stolen etc., but cannot guarantee depositors against loss in such cases, in the event of a cheque being paid. Stop payment will be done with a charge of Rs.20/= per cheque leaf. DEPOSITS / WITHDRAWALS THROUGH POST

24.

When money is sent by postal money order or by insured post, a letter stating the amount of the deposit and the number of the account must accompany the remittance. When a depositor wishes to withdraw money by post, he/she must forward his/her passbook with a letter stating the number of his/her account, the amount to be withdrawn (in words and figures). When the amount will be remitted by postal money order, money order commission and incidental expenses, if any, will be debited to the depositors account. In no case will remittances be made to third parties, but only to depositors themselves or to schools/colleges towards fees for their sons/daughters, alimony etc.

25.

26. INTEREST The current rate of interest allowed on Savings Bank Accounts can be ascertained at the Bank. This rate is subject to notification of change by advertisement only.

The amount of interest will be calculated, for each calendar month on the lowest balance at credit on an account between the tenth day and the last day, every six months on or about last day of July or last of January. No interest will be allowed unless the interest accrued during the half-year amounts to at least Rupee One.

 Mandate
A Mandate is a simple letter of authority, signed by a constituent, authorising the bank to permit a certain named person (agent) to operate his account on his behalf. A mandate to operate an account does not extend to overdrawing the account unless the mandate letter specifically provides the authority to overdraw the account. Format prescribed by the bank should be availed. In the case of Joint Accounts all the parties to the account must sign the mandate letter. Any one of the joint account holders may make a revocation of this authority. In case of a HUF the Karta and all the major Coparceners must sign the mandate. In case the HUF wants to issue the mandate in favour of a third party, Karta and major Coparceners should execute an Indemnity in a standard format available with the bank.

 Power of Attorney
A power of attorney is to be stamped in accordance with the provisions of the Indian Stamp Act and the various states amending acts and must be duly notarized. It need not necessarily be registered with the Registrar of Assurances. A Power of attorney executed outside India for use in India should be executed before the Indian Embassy / High Commission in the country in which it is executed and it must be stamped according to the Indian Stamp Act within three months of its receipt in India. The Power of Attorney must be definite and no provisional or conditional clause as "during my absence from India" or "during my illness" etc., are acceptable. In all cases, where accounts are opened with Power of Attorney, the principal should give an undertaking in writing that he shall, in addition to the public notice, notify the bank about cancellation/revocation of Power of Attorney. 27. TRANSFER OF ACCOUNTS : Accounts may be transferred from any office of the Bank to another free of charge. Would the depositor wish to transfer his/her account, he/she must make a written application for the transfer to the office where he/she maintains his/her account and send it along with the pass book and unused cheque forms, if any, either to that office or to the office to which he/she wishes the account to be transferred. 28. I NOP ER A TI VE ACCOUNTS Accounts not operated during the previous 12 months will be treated as dormant accounts. In March every year all dormant accounts in which there has not been operated for a total period of 2 years or more (including the period reckoned to classify them as dormant) will be transferred to inoperative account. Such accounts will not be credited with half yearly interest payments, if the balances are below the minimum balance requirement. To make the account operative, account holders (depending on the mandate) should give a request letter to the bank. In-operative accounts would be charged service charges, which can be ascertained from the bank. Balance lying in an inoperative account, which remained inoperative for five years and above will be transferred to unclaimed balances. 29. CLOSURE OF ACCOUNT : A depositor wishing to close his/her account must present the passbook in order that the interest due on the account may be entered and a final balance struck. The amount will then be paid to the depositor against his/her receipt. The unused cheque forms, if any, would be returned to the Bank, along with the ATM/Credit Card. 30. If a depositor wishes to close the account within three months after opening the same, a charge of Rupee Twenty only will be made.

31. The Bank reserves its right to take steps to get the account closed if frequent return of cheques for want of funds is observed. 32. ATM cum Debit Card/Internet Banking /Core Banking service/Multicity cheques/Credit Cards / Insurance products / Temporary Overdrafts Account holders can avail themselves of the above services by making suitable applications with the bank and subject to terms thereof. Temporary Overdraft can be arrangements with the bank. availed by salaried account holders by prior

33. VALUE ADDITIONS Savings Bank Accounts where an average quarterly balance of Rs.Ten thousand only and above was continuously maintained during the previous quarter are eligible for the following concessions in the current quarter. Concessions :
a. Inland Demand Drafts and/or Mail Transfers for two occasions in a month for a

total amount of DD and /or MT put together not exceeding Rs.10,000/= are totally exempted from Exchange / Commission charges.

b. Collection charges would not be levied on outstation instruments such as Cheques,

Demand Drafts, Dividend Warrant, Interest Warrant, Refund Order etc., (excluding Documentary / Clean Bills, Hundies, Supply Bills). The total amount of instruments collected during a month for which no service charges are recovered should not exceed Rs.10,000/=. However there is no restriction on the number of instruments collected per month. The actual postal charges incurred for collecting the instruments would be collected from the depositor. If the instruments are requested to be sent to our STAR Centres (speed collection) then usual service charges would be levied. 33.1 Bank has introduced two new products ; IOB SB Gold and IOB Silver . Based on the balances maintained in the accounts customers are entitled for certain additional services. Customers can ascertain the details from the branch.

34. No-Frills Account Nature of Transaction i. Branches where account can be opened ii. Introduction Criteria for the Accounts All Rural and Semi Urban branches. Account can be opened by Urban/Metro branches under special circumstances Introduction from a person who has been subjected to full KYC procedure. Alternatively based on Voter Identity Card Rs. 5/= NIL

iii. iv. v.

Minimum Balance Penalty for non maintenance of minimum balance Withdrawal in the account on amount

vi. Restriction transactions

vii. Restriction on number transactions. viii. Penalty for exceeding the number of transaction ix. Interest payable x. Value additions / Concessions

Only by withdrawal slip. Chequebook will not be issued. of The balance in the account should not exceed Rs.50,000/= at any point of time and the total credit in the account should not exceed Rs.1,00,000/= in a year. Whenever the account exceeds these limits, the account would be subjected to full KYC norms. of Twenty five transactions per half year NO interest is payable As applicable to normal SB Accounts None. ATM/Debit Card not to be issued.

35. General

+ Instant Credit of collection instrument upto Rupees Fifteen thousand only is

available at the discretion of the bank and for eligible accounts.

+ Lien : The bank has a paramount lien/right of set-off on the deposit amount and it
reserves thew right to appropriate it towards any financial obligations of the depositor to the bank in any capacity.

+ Change of resident status: The depositor(s) shall inform the bank in writing in
the event of change in status under Foreign Exchange Management act.

+ Maintenance of records: The computer printouts/ ledgers/ records pertaining to

the accounts will be destroyed periodically in accordance with Law. 36. Secrecy of the customer accounts Details of Customers' accounts and transactions are kept confidential by the Bank. Bank shall not divulge any information relating to the affairs of its Constituents except in circumstances in which it is in accordance with the Law or Practice and usage Customary among banks. 37. Change of Rules : The Bank reserves to itself the right to alter or add to these rules at any time and to close any account which is not conducted satisfactorily. Customers are requested to be guided by notice boards or enquire with the bank for the latest schedule of charges, minimum balance requirements and changes to these Rules and for additional information. 23. SOME CHARGES RELATING TO SAVINGS BANK ACCOUNTS: 1. The under mentioned Service Charges are inclusive of Service Tax and Education Cess, wherever applicable. 2. 20% additional charges will be recovered by TBA branches. 3. Postage and out of Pocket Expenses, if any incurred, to be recovered Charges for Non Maintenance of Minimum balance a) Savings Bank Accounts Rural & Semi Urban Urban & Metro b) No Frills Accounts Rs. 7/- per month in rural and Semi Urban Branches Rs. 14/- per month in Urban & Metro branches Nil

Charges for ECS (Electronics Clearing System) Debit and Credit (both) For Individual Sponsor Bank Charges from Corporate Users Returns Individuals and Corporate Users Nil Rs. 1/- per transaction (per record) + RBI charges (presently Nil), if any Rs. 50/- for each transaction + Out of Pocket Expenses + Postage, if any

Charges for Bills / Local Cheques Returned unpaid (Both Inward / Outward) Non Rural Rural Charges for ABB transactions Non Rural / Rural For Cash Credits / Current Accounts For Savings Bank Accounts Rs.35/- per instrument Rs.28/- per instrument Charges Rs.57/- per transaction (Maximum) NIL

Charges of Cheque Books request through ATM Rs.57/- per request Personal Accident Insurance Facilitation Charges Rs. 10/- per account per annum for the sum assured amount of Rs. 1,00,000/Issue of Duplicate Pass Books Non Rural Rs. 23/- per ledger page with latest balances only. For previous entries additional charge of Rs. 23/- per ledger page or part thereof. Rs. 18/- per ledger page with latest balances only. For previous entries additional charge of Rs. 18/- per ledger page or part thereof.

Rural

Stop Payment Instructions Non Rural Rural Standing Instructions Non Rural Rural Rs. 12/- per transaction Rs 9/- per transaction Rs. 23/- per instrument/cheque Rs 18/- per instrument/cheque

MICR Cheques charges at MICR & Non MICR Centres Rs. 2.25 per MICR Cheque Non MICR Cheque charges Rs. 1.15 per Non MICR Cheque Leaf at the time of issue Rs. 1.15 per Non MICR Cheque Leaf at the time of issue Rs. 2.30 per MICR Cheque

Charges for inoperative Savings Bank Accounts A levy of Rs. 23/- per half ending September / March, if such SB Accounts remain inoperative even after one month of the notice sent to the account holders. If the balance is Rs. 23/- or less entire balance is to be transferred to Branch P & L account after closing the account. Charges for verification of signatures of account holders. A flat rate of Rs. 12/- per verification. Charges for inoperative Savings Bank Accounts A levy of Rs. 23/- per half ending September / March, if such SB Accounts remain inoperative even after one month of the notice sent to the account holders. If the balance is Rs. 23/- or less entire balance is to be transferred to Branch P & L account after closing the account.